Goldman Sachs said that it expected “WTI oil to remain in a range of $45-50 per barrel over the next 12 months”.
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On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, +0.53% rose 15 cents, or 0.3%, to $45.29 a barrel. For the same period, analysts had estimated a decrease of around 2.3 million barrels in crude inventories along with a decline of 353,000 barrels in gasoline supplies and a 31,000-barrel increase in distillates.
European stock markets rallied Thursday after some solid US economic data and growing expectations that the Federal Reserve may hold off from raising interest rates this year in light of Britain’s decision to vote to leave the European Union.
The reproduction of the story/photograph in any form will be liable for legal action. U.S. crude reacted negatively to the EIA Crude Oil Inventories report, although the reading was close to the forecast.
During the July 8 week, the Baker-Hughes Rig Count showed the number of global rigs increasing and the Energy Information Administration’s Petroleum Status Report showed inventories basically unchanged.
Humana stock dropped $19.73, or 11 percent, to $160.25 and Aetna skidded $4.97, or 4.1 percent, to $115.27.
However, both Brent and WTI were more than six percent lower than last Friday. Eastern time. The Standard & Poor’s 500 index added 7 points, or 0.4 percent, to 2,107. He added that energy-related shares are likely to be under pressure as concerns about oil demand triggered a dramatic fall of crude oil prices Thursday.
A decline in Asian crude demand may be due to an economic slowdown as well as more permanent structural changes, market participants said.
In a CNBC report Friday, a Barclays market specialist gave his insight on oil prices and discussed the lower for longer trend.
Brent crude futures ended the session up 36 cents, or 0.8 percent, at $46.76 per barrel, after trading between $47.23 and $46.15.
Copper, often used as a barometer for the global economy, gained as much as 0.9 percent after the labor report.
Pierre Andurand, another notable oil investor, who is up double digits this year, in a late June letter to his investors cited concerns over Brexit among other factors that could cause more volatility.
The market will also be on the lookout for this week’s USA oil rig count from industry firm Baker Hughes at about 1:00 p.m. EDT (1700 GMT).
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The more positive June employment figures from the USA eased the market somewhat, but Jason Schenker, president of Prestige Economics says “all that glitters is not gold”, adding that he still expect a “US recession to begin in late 2016 and carry into 2017”.
